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March 2008/1

  • Microsoft has teamed up with six insurance IT firms in a bid to provide a "one-stop-shop" for the London market.
  • UK consolidator Towergate Partnership has acquired the private medical insurance (PMI) provider City & Suburban Health.
  • Swiss Re has devised a new business model, with the aim of being "the first place companies turn to for solutions", according to the firm's CEO Jacques Aigrain.
  • Prosecutors in the trial of former General Re and American International Group (AIG) executives found guilty in a sham finite reinsurance contract have vowed to continue investigations up the corporate ladder.
  • Amlin reinforced its position as a leader among the quoted Lloyd's insurers with "record" results that included a 30 percent leap in pre-tax profits to £445mn and a lowly 63 percent combined ratio.
  • UK general insurer Royal & Sun Alliance (RSA) bounced back to a profit of £638mn for 2007 despite taking a hit from last summer's UK floods.
  • As broadly healthy earnings continue to be set against the threat of the softening market, AM Best has affirmed its stable outlook on the reinsurance sector, with a minority of upgrades and downgrades expected to balance out...
  • Bermuda could be in line for an influx of financial guarantee reinsurers following the sub-prime mortgage crisis, according to The Bermuda Monetary Authority (BMA).
  • New York-based hedge fund Institutional Credit Partners (ICP) has been dismissed from Canadian conglomerate Fairfax Financial Holdings lawsuit against it and a number of other funds.
  • XL Capital added to fourth quarter losses arising from its relationship with troubled bond insurer Security Capital Assurance (SCA) in a Securities & Exchange Commission (SEC) filing after close of markets Friday (29 February).
  • Although Swiss Re reported only modest deterioration on its credit default swaps (CDS) as it booked a 9 percent fall in 2007 net income to SFr4.2bn last week, its disclosures on credit market exposure and its recent quota share deal...
  • The Port Authority of New York and New Jersey’s claims stemming from 9/11 will be restricted to two buildings a judge has ruled.